 "Patanjali")
Patanjali Foods promoters Patanjali Ayurved plan to divest up to 9 per cent stake (32.58 million shares) through the offer for sale (OFS) route on Thursday. The base issue size has been set at 7 per cent, or 25.34 million shares, with an option to retain oversubscription.
The floor price for the OFS has been set at Rs 1,000 per share, at 18.4 per cent discount to the last close. Shares of Patanjali Foods closed at Rs 1,228 per share on the BSE on Wednesday, up 1.3 per cent over the previous day’s close.
The base issue size works out to Rs 2,534 crore. In case of oversubscription, the promoters will sell shares worth up to Rs 3,258 crore. The OFS will help the company comply with the 25 per cent minimum public shareholding (MPS) requirement. Currently, the promoter shareholding in the company is 80.82 per cent.
In March, stock exchanges had frozen the promoter shareholding of the firm after it failed to meet the 25 per cent public shareholding requirement within the stipulated time period.
In 2019, Patanjali Ayurved had acquired Ruchi Soya under the corporate insolvency resolution process and changed the name of the company to Patanjali Foods. Following the CIRP process, the promoter holding in the company had increased to 99 per cent.
In March 2022, the yoga guru Ramdev-led company issued 66.2 million new shares at Rs 650 apiece via a follow-on public offering (FPO) to increase the public float. The Rs 4,300 crore raised through the FPO was used by the company to repay its debt.
